BACKGROUND In June 2015, BSU Auxiliary Services selected and deployed RevenueVision®, a cloud-based contract and revenue management system, to help manage contracts for dining, vending, bookstore and other operations. BSU has approximately 30 revenue-generating license contracts with vendors selling BSU logo merchandise. From these contracts, BSU earns a royalty percentage on all university-branded merchandise sales. Each contract has an annual renewal that must be carefully managed, sales tracked and royalties validated.
CHALLENGES
- 50 staff hours per month spent on emails to 30 vendors for renewals and insurance certificates
- Additional time spent on paper correspondence through the mail
- Labor-intensive, manual tracking of sales and validation of royalties using spreadsheets
- Very limited reporting visibility and flexibility on critical license sales data
RESULTS
- Automated emails to vendors for contract renewal and insurance deadlines saving 25 hours of staff time each month
- Readily accessible and dynamic analytics and ad-hoc reporting on licensee sales and royalties data
- Quick access to all contract and renewal documents stored in the cloud
After deploying RevenueVision® in June 2015, BSU was able to migrate from a reactive to proactive management style of its license contracts. All vendor documents and contract data are stored in the cloud and readily available for the auxiliary staff. RevenueVision® has replaced phone calls and emails to the vendors for annual renewals and insurance certificate updates. In addition, a centralized repository of license-related data provides a foundation for metrics to aid management decisions.
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